How does one prepare a personal balance sheet?
Is it mandatory to have a balance sheet prepared every year...
7 Replies
PRANAV MISHRA
(CA Final student)
(573 Points)
Replied 12 January 2009
it is not mandatory to prepare a personal balace sheet,but it helps a lot for keeping track of ur activities
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 12 January 2009
It is prepared int he same way we prepare for other entities. in addition to that we can prepare Income and Expenditure account for Indviduals.
CA. Pushkar Sharma
(Chartered Accountant)
(278 Points)
Replied 12 January 2009
Hi
Preparing personal balance sheet is not at all mandatory, as it is not required to be filed. BUT it is strongly recomended to prepare to keep on record and can be demanded by department also...
Further..
It is prepared on the same basis as we prepare it for other persons (entities). say for example somone is partner in a partnership firm, than his capital in the firm will be shown as investment in personal Balance sheet.
rgds
Pushkar
Subhash Chandratre
(Managing Director)
(24 Points)
Replied 26 July 2009
| Originally posted by :Jignesh | ||
| " | how does one prepare a personal balance sheet? | " |
Subhash Chandratre
(Managing Director)
(24 Points)
Replied 26 July 2009
| Originally posted by :Jignesh | ||
| " | how does one prepare a balance sheet? | " |
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